Radium beat Ethereum in 24-hour payment earnings
On October 21, the decentralized exchange (DEX) Radium beat the Ethereum network in 24-hour revenue, according to Defillama.
Data from Defilama shows that Radium, which is hosted on the Solana blockchain, recorded $3.4 million in payment revenue per day, compared to $3.35 million for Ethereum.
Ethereum is still recovering from a revenue slump after the network's March Denkun update cut transaction fees by 95%.
Ethereum still beats other blockchain networks like Solana but occasionally falls behind protocols like Radium.
Source: DeFillama
Radium is the most popular and liquid DEX on Solana, with about $1.8 billion in total value locked in (TVL), according to data from Defillama.
Solana generated $2.67 million in revenue on Oct. 21, slightly behind Ethereum's revenue for the same period, the data shows.
On July 29, Solana memecoin creation tool Pump.fun surpassed Ethereum in 24-hour revenue, according to data from Defillama.
It wasn't the first time Pamp.fun's earnings eclipsed Ethereum.
On June 30, the memecoin platform's 24-hour revenue hit an all-time high of nearly $2 million, slightly surpassing Ethereum's $1.91 million in the same period.
Source: VanEck
In the year Since its launch in 2015, Ethereum has generated $3 billion (denominated in Ether) in transaction fees, Matthew Siegel, VanEck's head of digital asset research, said in September.
Other Ether (ETH) value storage methods reward stakeholders who pledge ETH to secure the network by “burning” – or permanently removing from circulation – a portion of transaction fees and issuing new ETH.
Sigel expects the Ethereum network to generate up to $66 billion in annual free cash flow by 2030, with the price of ETH reaching $22,000 per token.
As Ethereum handles a growing portion of the world's transactions, its valuation is based on the expected value for ETH holders.
“Ethereum transferred nearly $4 trillion in settlement value last year and another $5 trillion in stablecoins annually. So this is much bigger than PayPal and it's starting to approach networks like Visa,” Siegel said.
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